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DEDUCTIBLE
a specified amount of money that the insured must pay before an insurance company will pay a claim.
COPAY
A copay is a dollar amount paid by an insured for covered services. Insurance providers often charge co-pays for services such as doctor visits or prescription drugs.
COINSURANCE
Coinsurance is an insured individual's share of the costs of a covered expense (it usually applies to health-care insurance). It is expressed as a percentage. If you have a "30% coinsurance" policy, it means that, when you have a medical bill, you are responsible for 30% of it. Your health plan pays the remaining 70%.
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